British insurtech firm Inshur has raised a further $1.5m capital in its Series A round from cross-stage venture fund Viola FinTech.
The latest round brings Inshur’s total funding to $9.6m so far, with a $2m credit facility.
Inshur, which offers digital commercial auto insurance, will invest the proceeds to expand operations and business footprint.
Founded by Dan Bratshpis in 2016, Inshur enables drivers to leverage its mobile app to quote, buy and service insurance plan in minutes.
Inshur compute risks and pricing, and reward safe driving with economical insurance plans leveraging data related to average trips, location and driver ratings in near real-time.
Currently available in New York and the UK, the app is backed by Munich Re Digital Partners (MRDP).
Viola Fintech general partner Tomer Michaeli said: “We believe the insurance space is still suffering from high inefficiency and low penetration of automation and therefore boasts huge opportunity for innovative products and business models.”
Inshur CEO and co-founder Dan Bratshpis said: “Viola FinTech, with its global LP base of leading banks and insurance companies, aligns well with our vision of disrupting the insurance space. Inshur has grown fast and we are looking to expand beyond the UK and New York in the near future.
“Having not just the right commercial backing but strategic support makes this process faster; the Viola team has proven capabilities to do that.”
In the first 12-month of operations, Inshur wrote policies worth $24m.
Recently, Inshur teamed up with ride-hailing firm Uber to improve driver safety in the UK. Leveraging Uber IDs, its drivers can log in to the insurtech app and avail flexible insurance coverage in just three minutes.